tesla

Tesla Enters India Sets Up 1st Unit In Bengaluru – Free PDF Download

 

 

What has happened?

  • US electric car giant Tesla finally made its entry in India and registered as a company in Karnataka’s Bengaluru, Prompting Chief Minister BS Yediyurappa to welcome CEO Elon Musk to the country and his state.

 

About the company

  • The company was incorporated on 08 January 2021 and is classified as a private subsidiary of a foreign company.
  • It’s authorized share capital is INR 00 lakh and the total paid-up capital is INR 1.00 lakh.
  • The company has currently appointed three directors – David Jon Feinstein, Vaibhav Taneja and Venkatrangam Sreeram.

 

But why R&D unit in Bengaluru?

  • A team from Tesla had initial discussions with Karnataka government officials in September,
  • The state had said that the company had shown interest in investing in a research and innovation
  • A month later, the Maharashtra government, too, held talks with Tesla.
  • “Since Bengaluru is also home to space and aerospace technology, this can lead to several other collaborations in terms of research and production of various consumer related products,”
  • Gaurav Gupta, additional chief secretary in the state industries department.
  • Karnataka is the first state to unveil an electric vehicles policy, hoping to generate investments of Rs 31,000 crore in EV R&D and manufacturing.
  • Since then, 11 states including Gujarat, Delhi, Maharashtra, Tamil Nadu, Telangana and Andhra Pradesh have brought out their own EV policies.
  • Bengaluru is also home to promising EV startups in the country such as Ola Electric, Sun Mobility and Ather Energy. Ola signed a deal to set up its scooter making facility in Tamil Nadu

Long journey

  • Tesla had planned its India entry in 2016 but the company never went ahead with its operations post the announcement,
  • Apparently due to the changing import policies and dismal infrastructure for electric vehicles.
  • The company had even accepted orders from Indian customers.
  • Last month, Mr Musk said, “Next year for sure” on Twitter in reply to a post with a photograph of a
  • T-shirt with the message: “India wants Tesla”.
  • Mr Gadkari, the Transport Minister, had in December said the Tesla Model 3 will be launched first in India.

  • Model 3, the cheapest among Tesla vehicles, with prices starting at roughly ₹ 55 lakhs, will be the first model to be launched, according to a report.
  • The bookings will apparently start in January.

But why tesla is now entering?

  • Tesla’s entry into India comes at a time when Prime Minister Narendra Modi is increasingly focusing to promote the use of electric vehicles.
  • The past couple of years have seen an influx of privately imported Tesla vehicles in the country.
  • The infrastructure is on the rise as well which may have prompted the company to look at the potential the market has to offer.

Operations in other states also

  • The company has been talking to as many as five state governments to start operations in India.
  • In the last few months, the company has various discussions with Maharashtra, Gujarat, Andhra Pradesh, Karnataka, and Tamil Nadu.

 

What is the reason behind sudden wealth?

  • An unprecedented rally in the Tesla stock, which has surged over 740% in 2020, is the primary reason behind the blistering pace at which Musk’s net worth increased.
  • While the pandemic-hit 2020 has been disastrous, the personal wealth of billionaires — especially tech entrepreneurs — have grown handsomely.
  • Musk’s good fortune started in 2020 and his net worth has surged by over $150 billion in the last 12 months

Q) Which country has the most electric vehicle per population?

  1. Norway
  2. UK
  3. China
  4. USA

 

 

 

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